Union Minister for Chemicals and Fertilizers, Shri D.V. Sadananda Gowda, while giving a written reply to a question on restructuring of Hindustan Organic Chemicals Limited (HOCL),in Rajya Sabha today, stated thatas part of the restructuring plan approved by Government on 17.05.2017, Rasayani unit has been closed down and Kochi unit of HOCL is continuing operations.
The Minister stated that ‘in principle’ approval has been accorded for strategic disinvestment of HOCL after the process of disposing unencumbered land and other assets at Rasayani is completed. The restructuring plan involves closing down the operations of all plants at Rasayani unit of HOCL except N2O4 plant, which is transferred to ISRO on ‘as is where is’ basis. It also includes disposal of plant & machinery and other movable assets; giving VRS /VSS to employees at Rasayani; sale of 442 acres of land to BPCL; appointment of NBCC as LMA for disposal of balance encumbrance free land at Rasayani for discharging its liabilities.
Shri Gowda further stated thatno proposal has been received from Government of Kerala to take over the Kochi plant of HOCL.
For sick / loss making PSUs like HOCL, decision regarding future is taken by the Government based on the various factors including financial viability on case to case basis in consultation with other Department viz. DPE, DIPAM, NITI Aayog etc., the Minister added.
